Davide Campari-Milano

Live  

Davide Campari-Milano is an Italian company that produces and distributes alcoholic and non-alcoholic beverages. It was founded in 1860 by Gaspare Campari and is headquartered in Sesto San Giovanni, Italy. The company is best known for its iconic red-colored aperitif, Campari, which is sold in over 190 countries worldwide.
Davide Campari-Milano has a diverse portfolio of brands, including spirits like Wild Turkey, Skyy Vodka, and Grand Marnier, as well as non-alcoholic beverages such as Crodino and Lemonsoda. The company also has a presence in the wine industry with brands like Cinzano and Sagatiba.
In addition to its focus on alcoholic beverages, Davide Campari-Milano has also made sustainability and responsible drinking a priority in its operations. The company has implemented various initiatives to reduce its environmental impact and promote a healthier relationship with alcohol consumption.
Today, Davide Campari-Milano is a publicly traded company on the Italian stock exchange, with over 4,000 employees worldwide. It continues to be a leader in the global beverage industry and strives to innovate and evolve with changing consumer preferences and trends.

Davide Campari-Milano is a big company that makes drinks, especially alcoholic ones, like cocktails and spirits. Imagine when you go to a party or a restaurant and see people enjoying colorful drinks or fancy cocktails—that’s the kind of stuff they make!
They make money by selling these drinks to stores, restaurants, and bars all over the world. People buy their drinks to enjoy at home, during celebrations, or when eating out. The more popular their drinks are, the more money they make.
Now, why is the company successful? There are a few reasons. First, they have been around for a long time, since 1860, and people know their brand, so they trust it. Second, they offer a variety of drinks that many people like, and they keep creating new and exciting flavors. This helps them attract different customers.
Looking into the future, Davide Campari-Milano will likely stay successful because they are good at keeping up with trends. They pay attention to what people want, like low-alcohol or noalcoholic options, which more people are trying these days. They also focus on making their drinks with high quality, which makes customers happy and keeps them coming back for more. Plus, they are expanding into new markets and countries, so they reach even more people who might want to buy their drinks.
In a nutshell, Davide Campari-Milano makes tasty drinks, sells them to lots of places, builds trust with its customers, and keeps adapting to what people like. That’s why they are successful and will likely stay successful in the future!

MS4gTGVnYW N5IGFuZCBS ZXB1dGF0aW 9uOiBEYXZp ZGUgQ2FtcG FyaS1NaWxh bm8gaGFzIG EgbG9uZyBo aXN0b3J5IG RhdGluZyBi YWNrIHRvID E4NjAsIG1h a2luZyBpdC BvbmUgb2Yg dGhlIG9sZG VzdCBhbGNv aG9sIGNvbX BhbmllcyBp biBJdGFseS 4gSXQgaGFz IGJ1aWx0IG Egc3Ryb25n IHJlcHV0YX Rpb24gZm9y IGl0c2VsZi BnbG9iYWxs eSBieSBwcm 9kdWNpbmcg aGlnaC1xdW FsaXR5IGFu ZCBpbm5vdm F0aXZlIHBy b2R1Y3RzLj xicj4yLiBH bG9iYWwgUH Jlc2VuY2U6 IFRoZSBjb2 1wYW55IGlz IHByZXNlbn QgaW4gb3Zl ciAxOTAgY2 91bnRyaWVz LCBtYWtpbm cgaXQgYSB0 cnVseSBnbG 9iYWwgYnJh bmQuPGJyPj MuIERpdmVy c2lmaWVkIF BvcnRmb2xp bzogRGF2aW RlIENhbXBh cmktTWlsYW 5vIGhhcyBh IGRpdmVyc2 UgcG9ydGZv bGlvIG9mIG 92ZXIgNTAg YnJhbmRzLC BpbmNsdWRp bmcgaXRzIG ZsYWdzaGlw IENhbXBhcm ksIEFwZXJv bCwgU0tZWS BWb2RrYSwg R3JhbmQgTW Fybmllciwg YW5kIFdpbG QgVHVya2V5 LiBUaGlzIG FsbG93cyBp dCB0byBjYX RlciB0byBh IHdpZGUgcm FuZ2Ugb2Yg Y29uc3VtZX IgcHJlZmVy ZW5jZXMuPG JyPjQuIElu bm92YXRpb2 46IFRoZSBj b21wYW55IG hhcyBhIHN0 cm9uZyB0cm FjayByZWNv cmQgb2YgaW 5ub3ZhdGlv biwgY29udG ludW91c2x5 IGNyZWF0aW 5nIG5ldyBw cm9kdWN0cy BhbmQgaW1w cm92aW5nIG V4aXN0aW5n IG9uZXMuIE ZvciBleGFt cGxlLCBDYW 1wYXJpIGNv bnN0YW50bH kgaW50cm9k dWNlcyBuZX cgZmxhdm9y cywgdmFyaW F0aW9ucywg YW5kIGxpbW l0ZWQgZWRp dGlvbnMuPG JyPjUuIEVt YnJhY2luZy BTdXN0YWlu YWJpbGl0eT ogRGF2aWRl IENhbXBhcm ktTWlsYW5v IGlzIGNvbW 1pdHRlZCB0 byBvcGVyYX Rpbmcgc3Vz dGFpbmFibH ksIHdpdGgg YSBmb2N1cy BvbiByZWR1 Y2luZyBpdH MgZW52aXJv bm1lbnRhbC BpbXBhY3Qs IHByb21vdG luZyByZXNw b25zaWJsZS Bjb25zdW1w dGlvbiwgYW 5kIHN1cHBv cnRpbmcgbG 9jYWwgY29t bXVuaXRpZX MuPGJyPjYu IFN0cm9uZy BNYXJrZXRp bmcgYW5kIE JyYW5kaW5n OiBUaGUgY2 9tcGFueSBo YXMgYSBzdH JvbmcgbWFy a2V0aW5nIG FuZCBicmFu ZGluZyBzdH JhdGVneSwg aW52ZXN0aW 5nIGhlYXZp bHkgaW4gYW R2ZXJ0aXNp bmcgYW5kIG NyZWF0aW5n IG1lbW9yYW JsZSBjYW1w YWlnbnMgdG hhdCBoYXZl IGhlbHBlZC B0byBidWls ZCBicmFuZC Bhd2FyZW5l c3MgYW5kIG xveWFsdHku PGJyPjcuIE VtcGhhc2lz IG9uIEN1bH R1cmUgYW5k IFRyYWRpdG lvbjogRGVz cGl0ZSBiZW luZyBhIG1v ZGVybiBhbm QgaW5ub3Zh dGl2ZSBjb2 1wYW55LCBE YXZpZGUgQ2 FtcGFyaS1N aWxhbm8gdm FsdWVzIGl0 cyBJdGFsaW FuIGhlcml0 YWdlIGFuZC BjdWx0dXJl LCB3aGljaC BpcyByZWZs ZWN0ZWQgaW 4gaXRzIHBy b2R1Y3RzLC BicmFuZGlu ZywgYW5kIG 1hcmtldGlu Zy48YnI+OC 4gRmluYW5j aWFsIFN1Y2 Nlc3M6IFRo ZSBjb21wYW 55IGhhcyBj b25zaXN0ZW 50bHkgZGVs aXZlcmVkIH N0cm9uZyBm aW5hbmNpYW wgcmVzdWx0 cywgd2l0aC BzdGVhZHkg cmV2ZW51ZS Bncm93dGgg YW5kIGluY3 JlYXNpbmcg cHJvZml0cy wgbWFraW5n IGl0IGFuIG F0dHJhY3Rp dmUgaW52ZX N0bWVudCBv cHBvcnR1bm l0eS4=

VGhlIGJ1c2 luZXNzIG1v ZGVsIG9mIE RhdmlkZSBD YW1wYXJpLU 1pbGFubyBp cyBhIGJldm VyYWdlIGNv bXBhbnkgdG hhdCBmb2N1 c2VzIG9uIH Byb2R1Y2lu ZyBhbmQgZG lzdHJpYnV0 aW5nIGFsY2 9ob2xpYyBh bmQgbm9uLW FsY29ob2xp YyBiZXZlcm FnZXMgd29y bGR3aWRlLi BUaGUgY29t cGFueSdzIG 1haW4gYnVz aW5lc3MgYW N0aXZpdGll cyBpbmNsdW RlIGRldmVs b3BpbmcsIG 1hcmtldGlu ZywgYW5kIH NlbGxpbmcg YSBwb3J0Zm 9saW8gb2Yg cHJlbWl1bS BzcGlyaXRz LCB3aW5lcy wgYW5kIG5v bi1hbGNvaG 9saWMgYmV2 ZXJhZ2VzLi A8YnI+VGhl IGNvbXBhbn kgb3BlcmF0 ZXMgdGhyb3 VnaCB2YXJp b3VzIGJyYW 5kcyB0aGF0 IHRhcmdldC BkaWZmZXJl bnQgbWFya2 V0IHNlZ21l bnRzIGFuZC BkZW1vZ3Jh cGhpY3MuIE l0IGhhcyBh IHByZXNlbm NlIGluIG92 ZXIgMTkwIG NvdW50cmll cyB0aHJvdW doIGl0cyBv d24gZGlzdH JpYnV0aW9u IG5ldHdvcm sgYW5kIHBh cnRuZXJzaG lwcyB3aXRo IGxvY2FsIG Rpc3RyaWJ1 dG9ycy4gPG JyPkRhdmlk ZSBDYW1wYX JpLU1pbGFu byBhbHNvIG ZvbGxvd3Mg YSBzdHJhdG VneSBvZiBi cmFuZCBkaX ZlcnNpZmlj YXRpb24gYW 5kIGV4cGFu c2lvbiB0aH JvdWdoIGFj cXVpc2l0aW 9ucywgam9p bnQgdmVudH VyZXMsIGFu ZCBsaWNlbn NpbmcgYWdy ZWVtZW50cy 4gVGhpcyBh bGxvd3MgdG hlIGNvbXBh bnkgdG8gZW 50ZXIgbmV3 IG1hcmtldH MgYW5kIHJl YWNoIGEgYn JvYWRlciBj dXN0b21lci BiYXNlLiA8 YnI+SW4gYW RkaXRpb24g dG8gaXRzIG NvcmUgYnVz aW5lc3Mgb2 YgcHJvZHVj aW5nIGFuZC BzZWxsaW5n IGJldmVyYW dlcywgdGhl IGNvbXBhbn kgYWxzbyBm b2N1c2VzIG 9uIHN1c3Rh aW5hYmlsaX R5IGFuZCBh Y3RpdmVseS BlbmdhZ2Vz IGluIHJlc3 BvbnNpYmxl IGNvbnN1bX B0aW9uIGNh bXBhaWducy wgZW52aXJv bm1lbnRhbC Bpbml0aWF0 aXZlcywgYW 5kIGNvbW11 bml0eSBkZX ZlbG9wbWVu dCBwcm9qZW N0cy4gPGJy PlRoZSByZX ZlbnVlIG1v ZGVsIG9mIE RhdmlkZSBD YW1wYXJpLU 1pbGFubyBp cyBtYWlubH kgYmFzZWQg b24gc2FsZX MgYW5kIGRp c3RyaWJ1dG lvbiBvZiBp dHMgcHJvZH VjdHMuIFRo ZSBjb21wYW 55IGFsc28g Z2VuZXJhdG VzIHJldmVu dWUgdGhyb3 VnaCBsaWNl bnNpbmcsIG ZyYW5jaGlz ZSBmZWVzLC BhbmQgYWR2 ZXJ0aXNpbm cgYW5kIG1h cmtldGluZy BwYXJ0bmVy c2hpcHMuIE l0IGNvbnRp bnVhbGx5IG ludmVzdHMg aW4gaW5ub3 ZhdGlvbiBh bmQgYnJhbm QgYnVpbGRp bmcgdG8gbW FpbnRhaW4g aXRzIGNvbX BldGl0aXZl IHBvc2l0aW 9uIGluIHRo ZSBtYXJrZX QgYW5kIGRy aXZlIGZ1dH VyZSBncm93 dGgu

AI does present both opportunities and challenges for companies like Davide Campari-Milano, which operates in the beverage industry. The potential threats it poses can be analyzed through substitution, disintermediation, and margin pressure.
1. Substitution: AI could lead to the development of alternative beverages that replicate the flavors and experiences of traditional products. For example, advancements in flavor synthesis or product formulation could result in noalcoholic or low-alcohol beverages that appeal to health-conscious consumers. Additionally, AI-driven personalized nutrition or beverage experiences could create substitutes that align more closely with individual consumer preferences, potentially threatening the market share of traditional products.
2. Disintermediation: AI can streamline supply chains and enhance direct-to-consumer models. Companies may adopt AI technologies to optimize distribution and reduce reliance on traditional retail channels. This shift could disrupt conventional partnerships with distributors and retailers, forcing companies like Campari to rethink their go-to-market strategies. If consumer preferences are increasingly guided by AI-driven recommendations and direct purchasing options, Campari must adapt or risk losing market relevance.
3. Margin Pressure: The use of AI can drive competition, as smaller companies or new entrants might leverage technology to produce high-quality products at lower costs. This increases the competitive landscape, which might pressure margins for established players like Campari. In addition, AI can enable more efficient operations, leading to price competition where companies strive to offer the best value for consumers, which could further squeeze profit margins.
In summary, while AI poses some material threats to Davide Campari-Milano in terms of substitution, disintermediation, and margin pressure, it also offers opportunities for innovation and efficiency. The company must strategically navigate these challenges to maintain its competitive positioning in the beverage market.

The sensitivity of Davide Campari-Milano’s earnings, cash flow, and valuation to changes in interest rates can be analyzed from several angles:
1. Earnings Sensitivity: Campari, as a global beverage company, might experience varying sensitivity in its earnings depending on interest rate changes. Higher interest rates generally increase borrowing costs. If the company has significant debt, higher interest expenses could reduce net income. Additionally, consumers may cut back on spending when interest rates rise, potentially impacting sales and thus earnings.
2. Cash Flow Sensitivity: The company’s cash flow is linked to its operational performance and investment strategies. Higher interest rates can affect cash flow in two main ways. First, increased interest expenses on debt can reduce free cash flow available for dividends, investments, or reinvestment in growth initiatives. Second, interest rate changes can influence consumer behavior, affecting sales volume and thus operational cash flow.
3. Valuation Sensitivity: Interest rates are a critical component in the valuation of companies, particularly those assessed using discounted cash flow (DCF) models. As interest rates rise, the discount rate applied to future cash flows also increases, which generally leads to a lower present value of those cash flows. This can result in a decline in the company’s overall valuation, especially if the market anticipates prolonged higher rates.
In summary, Davide Campari-Milano’s earnings, cash flow, and valuation are indeed sensitive to changes in interest rates, with higher rates potentially leading to increased costs, reduced cash flows, and lower overall valuations. The magnitude of this sensitivity would depend on the company’s financial structure, the degree of its debt, consumer spending behavior, and overall economic conditions.

CiAgICAgIC AgICAgIDxk aXYgc3R5bG U9J3dpZHRo OiAxMDAlOy BkaXNwbGF5 OiBmbGV4Oy BqdXN0aWZ5 LWNvbnRlbn Q6IGNlbnRl cjsnPgogIC AgICAgICAg ICAgICAgPG RpdiBzdHls ZT0nCiAgIC AgICAgICAg ICAgICAgIC AgZGlzcGxh eTogZmxleD sKICAgICAg ICAgICAgIC AgICAgICBh bGlnbi1pdG VtczogY2Vu dGVyOwogIC AgICAgICAg ICAgICAgIC AgIGJhY2tn cm91bmQtY2 9sb3I6ICNm MGY0Zjg7Ci AgICAgICAg ICAgICAgIC AgICAgYm9y ZGVyOiAxcH ggc29saWQg I2QxZTNmMD sKICAgICAg ICAgICAgIC AgICAgICBi b3JkZXItcm FkaXVzOiAx MHB4OwogIC AgICAgICAg ICAgICAgIC AgIHBhZGRp bmc6IDEwcH g7CiAgICAg ICAgICAgIC AgICAgICAg bWFyZ2luOi AyMHB4IDA7 CiAgICAgIC AgICAgICAg ICAgICAgZm 9udC1mYW1p bHk6ICJTZW dvZSBVSSIs IFJvYm90by wgc2Fucy1z ZXJpZjsKIC AgICAgICAg ICAgICAgIC AgICBib3gt c2hhZG93Oi AwIDJweCA2 cHggcmdiYS gwLCAwLCAw LCAwLjA1KT sKICAgICAg ICAgICAgIC AgICAgICBt YXgtd2lkdG g6IDkwMHB4 OwogICAgIC AgICAgICAg ICAgICAgIH dpZHRoOiAx MDAlOyc+Cg ogICAgICAg ICAgICAgIC AgICAgIDxp bWcgc3JjPS Jhc3NldHMv bG9nb3MvZl AzWWI2cVRy QnVHVHlOdm dzb0sud2Vi cCIgYWx0PS JEYXZpZGUg Q2FtcGFyaS 1NaWxhbm8i IHRpdGxlPS JEYXZpZGUg Q2FtcGFyaS 1NaWxhbm8i ICBjbGFzcz 0iaW1nLWZs dWlkIiBoZW lnaHQ9OTAg d2lkdGg9OT AgbG9hZGlu Zz0nbGF6eS cgc3R5bGU9 J2JvcmRlci 1yYWRpdXM6 IDZweDsnPg oKICAgICAg ICAgICAgIC AgICAgICA8 ZGl2IHN0eW xlPSdmbGV4 OiAxOyB0ZX h0LWFsaWdu OiBjZW50ZX I7IG1hcmdp bi1sZWZ0Oi A1cHg7Jz4K ICAgICAgIC AgICAgICAg ICAgICAgIC AgPHAgc3R5 bGU9J2Zvbn Qtc2l6ZTog MjZweDsgY2 9sb3I6ICMz MzM7IG1hcm dpbi1ib3R0 b206IDE1cH g7Jz4KICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIPCfk4gg V2FudCB0by ByZWFkIG1v cmUgYWJvdX QgRGF2aWRl IENhbXBhcm ktTWlsYW5v PwogICAgIC AgICAgICAg ICAgICAgIC AgICA8L3A+ CgogICAgIC AgICAgICAg ICAgICAgIC AgICA8YSBo cmVmPSdpbm RleC5waHA/ cGFnZT1zaW dudXAnIHN0 eWxlPScKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIGJhY2 tncm91bmQt Y29sb3I6IC MwMDdCRkY7 CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICBj b2xvcjogI2 ZmZjsKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIHBhZGRp bmc6IDEwcH ggMjBweDsK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIGJv cmRlci1yYW RpdXM6IDVw eDsKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IHRleHQtZG Vjb3JhdGlv bjogbm9uZT sKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIG ZvbnQtd2Vp Z2h0OiBib2 xkOwogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgbWFyZ2lu LXJpZ2h0Oi AxMHB4Owog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgdHJh bnNpdGlvbj ogYmFja2dy b3VuZC1jb2 xvciAwLjNz IGVhc2U7Jw ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgb2 5tb3VzZW92 ZXI9J3RoaX Muc3R5bGUu YmFja2dyb3 VuZENvbG9y PSIjMDA1Nm IzIicKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIG9ubW91 c2VvdXQ9J3 RoaXMuc3R5 bGUuYmFja2 dyb3VuZENv bG9yPSIjMD A3QkZGIic+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICBT aWduIHVwIG ZvciBmcmVl CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDwvYT4K CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDxzcGFu IHN0eWxlPS dtYXJnaW46 IDAgOHB4Oy Bjb2xvcjog IzU1NTsnPm 9yPC9zcGFu PgoKICAgIC AgICAgICAg ICAgICAgIC AgICAgPGEg aHJlZj0naW 5kZXgucGhw P3BhZ2U9bG 9naW4nIHN0 eWxlPScKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIGNvbG 9yOiAjMDA3 QkZGOwogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgdGV4dC 1kZWNvcmF0 aW9uOiB1bm RlcmxpbmU7 CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICBm b250LXdlaW dodDogNTAw Oyc+CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBsb2cgaW 4KICAgICAg ICAgICAgIC AgICAgICAg ICAgPC9hPg oKCiAgICAg ICAgICAgIC AgICAgICAg ICAgIDxwIH N0eWxlPSdt YXJnaW4tdG 9wOiAxNXB4 OyBmb250LX NpemU6IDEz cHg7IGZvbn Qtd2VpZ2h0 OiBib2xkOy Bjb2xvcjog I2QzMmYyZj snPgogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC Ag8J+SoSBM ZWFybiBzbW FydGVyIHN0 b2NrIHBpY2 tzIHdpdGgg PGk+IlRoZS BDaGVja2xp c3QgVmFsdW UgSW52ZXN0 b3Ig4oCUIE EgU21hcnRl ciBXYXkgdG 8gUGljayBT dG9ja3MiPC 9pPgogICAg ICAgICAgIC AgICAgICAg ICAgICA8L3 A+CgogICAg ICAgICAgIC AgICAgICAg ICAgICA8IS 0tCiAgICAg ICAgICAgIC AgICAgICAg ICAgIDxkaX Ygc3R5bGU9 J21hcmdpbi 10b3A6IDEy cHg7IGZvbn Qtc2l6ZTog MTNweDsgY2 9sb3I6ICM0 NDQ7Jz4KIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIFNpZ2 4gdXAgbm93 IGFuZCBnZX Qgb3VyIGZy ZWUgZUJvb2 sgCiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC A8Yj5UaGUg Q2hlY2tsaX N0IFZhbHVl IEludmVzdG 9yIOKAlCBB IFNtYXJ0ZX IgV2F5IHRv IFBpY2sgU3 RvY2tzPC9i PgogICAgIC AgICAgICAg ICAgICAgIC AgICA8L2Rp dj4KICAgIC AgICAgICAg ICAgICAgIC AgICAgLS0+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDwhLS0K ICAgICAgIC AgICAgICAg ICAgICAgIC AgPGRpdiBz dHlsZT0nbW FyZ2luLXRv cDogMTZweD sgZm9udC1z aXplOiAxNH B4OyBjb2xv cjogIzQ0ND sgZm9udC1m YW1pbHk6IC 1hcHBsZS1z eXN0ZW0sIE JsaW5rTWFj U3lzdGVtRm 9udCwgU2Vn b2UgVUksIF JvYm90bywg SGVsdmV0aW NhIE5ldWUs IHNhbnMtc2 VyaWY7IGxp bmUtaGVpZ2 h0OiAxLjY7 Jz4KICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IEhhdmUgeW 91IGhlYXJk IGFib3V0IG 91ciBzaG9y dCA8c3Ryb2 5nIHN0eWxl PSdmb250LX dlaWdodDog NjAwOyc+RG FpbHkgVmlk ZW8gTmV3c2 xldHRlcjwv c3Ryb25nPj 8KICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgID xhIGhyZWY9 J2h0dHBzOi 8vd3d3Lmlu c2lnaHRmdW x2YWx1ZS5j b20vbmV3c2 xldHRlci5w aHAnIHRhcm dldD0nX2Js YW5rJyBzdH lsZT0nY29s b3I6ICMwMD dCRkY7IHRl eHQtZGVjb3 JhdGlvbjog bm9uZTsgZm 9udC13ZWln aHQ6IDUwMD sgbWFyZ2lu LWxlZnQ6ID ZweDsnPgog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IEZpbmQgb3 V0IG1vcmUK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIDwv YT4KICAgIC AgICAgICAg ICAgICAgIC AgICAgPC9k aXY+CiAgIC AgICAgICAg ICAgICAgIC AgICAgIC0t PgogICAgIC AgICAgICAg ICAgICAgID wvZGl2Pgog ICAgICAgIC AgICAgICAg PC9kaXY+Ci AgICAgICAg ICAgIDwvZG l2PgogICAg ICAgICAgIC AKICAgICAg ICAKICAgIC AgICA8c3Bh biBjbGFzcz 0nYmx1cnJl ZC10ZXh0Jz 4KICAgICAg ICAgICAgTV M0Z1NYUWdk MiBGeklHWn ZkVzVrIFpX UWdhVzRnTV QgZzJNQ0F0 SUZSbyBaU0 JqYjIxd1lX IDU1SUhkaG N5Qm0gYjNW dVpHVmtJRy BKNUlFZGhj M0JoIGNtVW dRMkZ0Y0cg RnlhU0JwYm lCTyBiM1po Y21Fc0lFIG wwWVd4NUxp QkggWVhOd1 lYSmxJRyBS bGRtVnNiM0 JsIFpDQmhi aUJoYkcgTn ZhRzlzYVdN ZyBaSEpwYm 1zZ2RYIE5w Ym1jZ1lTQn ogWldOeVpY UWdjbSBWam FYQmxMQ0Iz IGFHbGphQ0 JpWlcgTmhi V1VnZEdobC BJR0poYzJs eklHIFp2Y2 lCMGFHVWcg WTI5dGNHRn VlZSBLQW1Y TWdjMmxuIG JtRjBkWEps SUggQnliMl IxWTNRcyBJ RU5oYlhCaG NtIGt1UEdK eVBqSXUgSU VsMElHbHpJ RyBFZ1ptRn RhV3g1IExX OTNibVZrSU cgSjFjMmx1 WlhOeiBJQz BnUkdGMmFX IFJsSUVOaG JYQmggY21r dFRXbHNZVy A1dklHbHpJ SE4wIGFXeH NJRzFoYW0g OXlhWFI1TF c5MyBibVZr SUdKNUlIIF JvWlNCRFlX MXcgWVhKcE lHWmhiVyBs c2VTd2dkMm wwIGFDQjBh R1VnUTIgRn RjR0Z5YVNC SCBjbTkxY0 NCb2IyIHhr YVc1bklHRW cgTlRFbElI TjBZVyB0bE lHbHVJSFJv IFpTQmpiMj F3WVcgNTVM anhpY2o0ei BMaUJKZENC b1lYIE1nWV NCbmJHOWkg WVd3Z2NISm xjMiBWdVky VWdMU0JVIG FHVWdZMjl0 Y0cgRnVlU0 JvWVhNZyBZ U0J3Y21Wel pXIDVqWlNC cGJpQnYgZG 1WeUlERTVN QyBCamIzVn VkSEpwIFpY TWdkMjl5Yk cgUjNhV1Js TENCMyBhWF JvSUcxaGFt IDl5SUcxaG NtdGwgZEhN Z2FXNGdTWC BSaGJIa3NJ SFJvIFpTQl ZibWwwWlcg UWdVM1JoZE dWeiBMQ0JI WlhKdFlXID U1TENCaGJt UWcgUW5KaG VtbHNMaiB4 aWNqNDBMaU JKIGRDQnBj eUJzYVggTj BaV1FnYjI0 ZyBkR2hsSU VsMFlXIHhw WVc0Z2MzUn YgWTJzZ1pY aGphRyBGdV oyVWdMU0JK IGJpQXlNRE F4TEMgQkVZ WFpwWkdVZy BRMkZ0Y0dG eWFTIDFOYV d4aGJtOGcg WW1WallXMW xJRyBFZ2JH bHpkR1ZrIE lHTnZiWEJo Ym4ga2diMj RnZEdobCBJ RWwwWVd4cF lXIDRnYzNS dlkyc2cgWl hoamFHRnVa MiBVc0lHRn VaQ0JwIGJp QXlNREU0SU cgbDBJR0ps WTJGdCBaU0 JoSUdOdmJu IE4wYVhSMV pXNTAgSUc5 bUlIUm9aUy BCR1ZGTkZJ RTFKIFFpQn BibVJsZUMg NDhZbkkrTl M0ZyBTWFFn YUdGeklHIE VnWkdsMlpY SnogWlNCd2 IzSjBabSA5 c2FXOGdiMl lnIFluSmhi bVJ6SUMgMG dWR2hsSUdO diBiWEJoYm 5uaWdKIGx6 SUhCdmNuUm 0gYjJ4cGJ5 QnBibSBOc2 RXUmxjeUJo IElIZHBaR1 VnY20gRnVa MlVnYjJZZy BZV3hqYjJo dmJHIGxqSU dGdVpDQnUg YjI0dFlXeG piMiBodmJH bGpJR0psIG RtVnlZV2Rs SUcgSnlZVz VrY3l3ZyBh VzVqYkhWa2 FXIDVuSUVO aGJYQmggY2 1rc0lGTkxX ViBrZ1ZtOW thMkVzIElF RndaWEp2Yk Mgd2dWMmxz WkNCVSBkWE pyWlhrc0lH IEZ1WkNCSG NtRnUgWkNC TllYSnVhVy BWeUxqeGlj ajQyIExpQk pkQ0JvWVgg TWdZU0JzYj I1biBJR2hw YzNSdmNuIG tnYjJZZ2Mz VmogWTJWem MyWjFiQyBC aFpIWmxjbl JwIGMybHVa eUJqWVcgMX dZV2xuYm5N ZyBMU0JHY2 05dElIIFJv WlNCcFkyOX UgYVdNZ1Vt VmtJRiBCaG MzTnBiMjRn IFlXUWdjM1 JoY24gSnBi bWNnZEdobC BJR0ZqZEhK bGMzIE1nU1 hOaFltVnMg YkdFZ1VtOX pjMiBWc2JH bHVhU0IwIG J5QjBhR1Vn VW0gVmtJRV JwWVhKcCBa WE1nYzJodm NuIFFnWm1s c2JTQnogWl hKcFpYTXNJ RSBSaGRtbG taU0JEIFlX MXdZWEpwTF UgMXBiR0Z1 YnlCbyBZWE 1nWVNCc2Iy IDVuSUdocG MzUnYgY25r Z2IyWWdiVy BWdGIzSmhZ bXhsIElHRm tkbVZ5ZEcg bHphVzVuSU dOaCBiWEJo YVdkdWN5IE IwYUdGMElH aGggZG1VZ2 FHVnNjRyBW a0lIUnZJSE J5IGIyMXZk R1VnYVggUn pJSEJ5YjJS MSBZM1J6TG p4aWNqIDQz TGlCSmRDQn AgY3lCaElH eGxZVyBSbG NpQnBiaUJ6 IGRYTjBZV2 x1WVcgSnNa U0J3Y21Gai BkR2xqWlhN Z0xTIEJVYU dVZ1kyOXQg Y0dGdWVTQn BjeSBCamIy MXRhWFIwIF pXUWdkRzhn YzMgVnpkR0 ZwYm1GaSBh V3hwZEhrc0 lHIEZ1WkNC cGJpQXkgTU RJd0lHbDBJ SCBkaGN5Qn laV052IFoy NXBlbVZrSU cgRnpJRzl1 WlNCdiBaaU IwYUdVZ1oy IHh2WW1Gc0 lHeGwgWVdS bGNuTWdhVy A0Z2RHRmph MnhwIGJtY2 dZMnhwYlcg RjBaU0JqYU dGdSBaMlVn WW5rZ2RHIG hsSUc1dmJp MXcgY205bW FYUWdiMyBK bllXNXBlbU YwIGFXOXVJ RU5FVUMgND hZbkkrT0M0 ZyBTWFFnYU dGeklHIEVn YzNSeWIyNW 4gSUdadlkz VnpJRyA5dU lHMXBlRzlz IGIyZDVJQz BnUkcgRjJh V1JsSUVOaC BiWEJoY21r dFRXIGxzWV c1dklHaGgg Y3lCaElHUm xaRyBsallY UmxaQ0JOIG FYaHZiRzlu ZVMgQk1ZV0 lnZDJobCBj bVVnWW1GeW RHIFZ1WkdW eWN5QmggYm 1RZ2JXbDRi MiB4dloybH pkSE1nIFky RnVJR1Y0Y0 cgVnlhVzFs Ym5RZyBZVz VrSUdSbGRt IFZzYjNBZ2 JtVjMgSUdO dlkydDBZVy Bsc0lISmxZ Mmx3IFpYTW dkWE5wYm0g Y2dhWFJ6SU hCeSBiMlIx WTNSekxqIH hpY2o0NUxp QkogZENCb1 lYTWdZUyBC a2FYWmxjbk 5sIElHVnRj R3h2ZVcgVm xJR0poYzJV ZyBMU0JVYU dVZ1kyIDl0 Y0dGdWVTQm wgYlhCc2Iz bHpJRyA5Ml pYSWdNeXd3 IE1EQWdjR1 Z2Y0cgeGxJ R1p5YjIwZy BiVzl5WlNC MGFHIEZ1SU RRd0lHUnAg Wm1abGNtVn VkQyBCdVlY UnBiMjVoIG JHbDBhV1Z6 TEMgQndjbT l0YjNScCBi bWNnWkdsMl pYIEp6YVhS NUlHRnUgWk NCcGJtTnNk WCBOcGIyNG dkMmwwIGFH bHVJR2wwY3 kgQjNiM0py Wm05eSBZMl V1UEdKeVBq IEV3TGlCSm RDQnAgY3lC cGJuWnZiSC BabFpDQnBi aUJqIGRXeD BkWEpoYkMg QnBibWwwYV dGMCBhWFps Y3lBdElGIF JvY205MVoy Z2cgYVhSek lHTjFiSCBS MWNtRnNJR2 x1IGFYUnBZ WFJwZG0gVX NJRU5oYlhC aCBjbWtnUV hKMElFIHho WW1Wc0xDQj AgYUdVZ1ky OXRjRyBGdW VTQjNiM0py IGN5QjNhWF JvSUggWmhj bWx2ZFhNZy BZWEowYVhO MGN5IEIwYn lCamNtVmgg ZEdVZ2RXNX BjWCBWbElH eGhZbVZzIE lHUmxjMmxu Ym4gTWdabT l5SUdsMCBj eUJwWTI5dW FXIE1nUTJG dGNHRnkgYV NCaWIzUjBi RyBVdQogIC AgICAgIDwv c3Bhbj4KIC AgICAgICAK ICAgICAgIC A=